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Top 10 biz headlines: Jobs galore for techies, Jet lenders meet and more

From record hiring in IT industry to rising smartphone shipment to India, here are the top business headlines for Monday

BS Web Team  |  New Delhi 

IT sector

IT industry on hiring spree, adds record number of employees in Q1

The Indian information technology (IT) industry added a record number of employees in the April-June quarter of the ongoing financial year, with around 85,000 new hires. This is the highest-ever net employee addition by the industry in a single quarter in six years, according to a recent report by equity research firm CLSA. Read more

Market players see short-term bounce

The measures announced by Finance Minister Nirmala Sitharaman on Friday and the promise of more will be a shot in the arm for the bulls, who have been subdued for nearly two months. Experts have given the thumbs up to the government for taking steps to restore confidence among investors and businesses. However, they say more will be needed.

While the markets are set for an immediate surge, a prolonged upward climb is ruled out, given the precarious US-China trade situation and economic slowdown, both globally as well as domestically. Read more

Jet lenders to discuss bids, interim funding today

lenders will meet on Monday to consider an expression of interest (EoI) from an overseas airline and release of interim funds to the airline.

In the earlier meetings, the committee of creditors (CoC) had agreed to release $10 million in interim funds and had approved criteria for evaluation of bids for the revival of the grounded airline. Read more

Peak investment cycle for Indian telecom companies is almost over

The peak investment cycle for Indian telecom companies is over and the intensity will slow down, said analysts tracking the sector.

Jio has invested Rs 3.5 trillion towards creating digital infrastructure, including its optical fiber footprint, across India.

Analysts at Macquarie noted: “Jio capex will fall to maintenance mode. We have annual capex falling 40 per cent versus current levels over the next few years.” Read more

beat slowdown

Raghu Reddy, head of categories and online sales for India’s leading smartphone company Xiaomi, is unfazed by the slowdown that has gripped the consumer goods market.

His confidence is not unfounded. According to the IDC India data, smartphone shipments grew by 10 per cent during the April-June quarter to reach 37 million units, the highest for the quarter. June quarter growth is traditionally the slowest, when shipments usually remain lower than the second half of the year. Read more

CG Power investors, lenders seek tycoon Gautam Thapar's removal as chairman

Investors and lenders of power equipment maker CG Power & Industrial Solutions Ltd want tycoon Gautam Thapar to be removed as chairman of the company after an investigation unearthed a multi-crore financial scam in the firm, sources privy to the development said. Read more

RBI board to meet today

The RBI board meeting on Monday to finalise its annual accounts, is also likely to take up the Bimal Jalan committee's recommendations on Economic Capital Framework (ECF) along with the dividend payment to the government, sources said. Read more

Banks may restart lending after Rs 70,000 cr boost but with caution

With the government infusing Rs 70,000 crore upfront into public sector banks, bankers are enthused about getting back to the business of lending like earlier.

However, the credit matrix has changed, and companies are now cautious. The capital infusion will give about a Rs 5-trillion liquidity boost to the banking system. Read more

Lenskart, Dailyhunt may get funding from Softbank

Softbank is in advanced discussions to close investments in two Indian start-ups - Lenskart and Dailyhunt, according to a Times of India report.

Sources told the daily Softbank is expected to invest in a $400-million round of funding in Lenskart. The firm is also expected to invest about $150 million as part of a larger round in Dailyhunt.

Alibaba halts fresh investments in India

Alibaba Group has halted fresh investments in the country as the Chinese e-commerce giant reviews its India strategy, reports Livemint.

The company's India team has been mandated to currently manage only the existing portfolio, people aware of the development told the business daily.

First Published: Mon, August 26 2019. 07:06 IST